“We are doing all we can to ease the transition for employees who are impacted including severance, outplacement assistance and other benefits and support,” Hess spokesperson Lorrie Hecker wrote in an email to Reuters.

Observers believe the cuts in employees and operating equipment are being brought on by an activist investing campaign led by hedge fund Elliott Management Corp.

A press release from Elliott cited Hess’ “continuing underperformance” in recent years; the last time the chemical company posted a quarterly profit came in 2014.

The hedge fund also proposed to remove Chief Executive Officer John Hess from his family’s company unless he can turn around its fortunes.